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15 Oct 2014
USD/JPY plummets to 1-month lows after US data
FXStreet (Córdoba) - USD/JPY broke below 106.85 and tumbled to 106.34, reaching the lowest price since September 10 after the release of weak economic data from the US. The pair remains near the lows as Greenback plunges across the board.
Weak data favors JPY
Recent data showed that retail sales decline 0.3% in September; a bigger slide than the -0.1% expected; it was the first fall since January. Regarding inflation, the Producer Price Index fell 0.1% in September. The Empire Manufacturing index from the New York Fed tumbled from 21.50 to 6.17 in October.
Stocks in Europe dropped further after the data while US bonds yields continue to decline, boosting the yen in the currency market.
Weak data favors JPY
Recent data showed that retail sales decline 0.3% in September; a bigger slide than the -0.1% expected; it was the first fall since January. Regarding inflation, the Producer Price Index fell 0.1% in September. The Empire Manufacturing index from the New York Fed tumbled from 21.50 to 6.17 in October.
Stocks in Europe dropped further after the data while US bonds yields continue to decline, boosting the yen in the currency market.